A beneficiary is a person or entity such as a charity organization that will receive a benefit, gift, or share of a person’s estate after they have passed away. While deciding about who you want as your beneficiaries, also consider who you want to get the share of your beneficiary if they die before you.
- The beneficiary of a valid will has the right to be notified of their inclusion in the valid will in order to procure any relief that may be needed.
- Beneficiaries generally have the right to be updated on any delays.
- The Beneficiaries should know any legal proceedings, claim, and contest.
- Beneficiaries typically have the right to request distribution within a specified period.
- The person named in a will has a right to receive a full copy of the will document.
A list of assets can be helpful when deciding who will receive part of an estate’s distribution. It can be a time-consuming and tough process of asset location, identification, and listing. Because some assets are not always part of an estate, the items listed as assets may not actually be part of the estate. If the assets are overseas, you will almost certainly need the assistance of a lawyer to aid you in assessing their inheritance laws.
Death, Superannuation, and Taxes
Taxes may affect the people you nominate for your will. For example, a super benefit might be taxable in the hands of adult children, whereas it would be tax-free to the spouse. The entitlement of a beneficiary can sometimes conflict with their rights to social security payments.
Important Information About Beneficiaries
This website provides general and non-specific information. Therefore, It is highly important to consider seeking professional advice to ensure that you understand what aspects of your assets you can, and cannot, give away in your will.